Purchase of a leasehold residential property

Our fees cover all of the work required to complete the purchase of your new home, including dealing with registration at the Land Registry and dealing with the payment of Stamp Duty Land Tax (Stamp Duty) if the property is in England, or Land Transaction Tax (Land Tax) if the property you wish to buy is in Wales.

Conveyancer’s fees and disbursements

Our fee assumes that:

• this is a standard transaction and that no unforeseen matters arise including for example (but not limited to) a defect in title which requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction
• this is the assignment of an existing lease and is not the grant of a new lease
• the transaction is concluded in a timely manner and no unforeseen complication arise
• all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
• no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.

Additional Charges

No two properties are exactly the same and no two clients are exactly the same. Our conveyancing fees will reflect the particular requirements of your sale and/or purchase. For example, the conveyancing cost of dealing with a leasehold property may, because of the added complexities, be more than dealing with a more straightforward, freehold property.  We may add an additional charge to reflect the extra work this will involve.

Disbursements

Apart from our own costs, there are payments which we have to make to other people which are known as disbursements.

Stamp Duty or Land Tax (on purchase)

This depends on the purchase price of your property. You can calculate the amount you will need to pay by using HMRC’s website: https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax or if the property is located in Wales by using the Welsh Revenue Authority’s website here: https://beta.gov.wales/land-transaction-tax-calculator

How long will my house purchase take?

How long it will take from your offer being accepted until you can move into your house will depend on a number of factors. The average process takes between 6-8 weeks.

It can be quicker or slower, depending on the parties in the chain. For example, if you are a first-time buyer, purchasing a new build property with a mortgage in principle, it could take 8-12 weeks.

However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 and 6 months. In such, a situation additional charges would apply.

Stages of the process

The precise stages involved in the purchase of a residential property vary according to the circumstances but generally include:

• Take your instructions and give you initial advice
• Check finances are in place to fund purchase and contact lender’s solicitors if needed
• Receive and advise on contract documents
• Carry out searches
• Obtain further planning documentation if required
• Make any necessary enquiries of seller’s solicitor
• Give you advice on all documents and information received
• Go through conditions of mortgage offer with you
• Send final contract to you for signature
• Agree completion date (date from which you own the property)
• Exchange contracts and notify you that this has happened
• Arrange for all monies needed to be received from lender and you
• Complete purchase
• Deal with payment of Stamp Duty/Land Tax
• Deal with application for registration at Land Registry